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Tuesday, June 24, 2014

'Titcoin' Aiming to Be Adult's Own Cryptocurrency

Move over bitcoin, "titcoin" wants to be adult’s very own cryptocurrency.

CYBERSPACE — Move over bitcoin,"titcoin" wants to be adult’s very own cryptocurrency.

Although a number of industry companies have already adopted bitcoin as a means to pay for online porn, titcoin claims to be the first digital currency aimed squarely at the porn industry.

The brainchild of finance types Edward Mansfield, Richard Allen, and a third anonymous founder, the payment method recently created a buzz on a bogus YouTube introduction video.

But in a Vice interview, the creators said titcoin is for real, works like the myriad other methods, and is ideal for secret porn purchases.

A host of cryptocurrencies have come and gone since bitcoin’s boom in popularity, but none have been aimed at a specific industry like titcoin — especially for adult products.

“In the future, you might have a bitcoin account with your spouse. You may not want them to see you purchasing products or subscriptions on adult sites, so having an industry-specific coin has certain advantages for consumers,” Mansfield told Vice.

A total of 69 million titcoins will reportedly be in circulation once they’re all mined.

Mansfield said that a number of adult performers have contacted him about using titcoin and one very popular male star is interested in becoming a partner whose name could skyrocket the currency.

Right now the operators said it’s been contacted primarily by smaller and “fringe” porn companies but they’ve been talking to a few of the big players including Brazzers. “In fact, we were talking to them before they started accepting Bitcoins. We kind of feel like we nudged them in that direction. But some of the other ones we are talking to are very suspicious of digital currency as a whole. It’s not surprising. These types of industries are very technologically advanced when it comes to media content and video streaming. But I feel that when it comes to the financial aspect of subscription-based services, they tend to be a little bit gun-shy,” Mansfield said.